Lundin Mining Corp. Reports 2025 Production Results and Issues 2026‑2028 Guidance
2025 Production Meets Guidance
Lundin Mining Corp. announced that its 2025 production volumes met the guidance set for all metals.
- Copper: 331,232 t, within the revised range of 319,000‑337,000 t.
- Gold: 141,859 oz, within the range of 135,000‑146,000 oz.
- Nickel: 9,907 t, within the 9,000‑11,000 t range.
Quarter‑final figures show 87,000 t of copper and 34,000 oz of gold produced in the fourth quarter alone.
2026‑2028 Production Outlook
The company released a new outlook for the next three years, based on current operating plans and the performance of its major mines, notably the Candelaria copper‑gold project in Chile and the Eagle Nickel operation in Canada.
| Year | Copper (t) | Gold (oz) | Nickel (t) |
|---|---|---|---|
| 2026 | 310 000‑335 000 | 134 000‑149 000 | 9 000‑11 000 |
| 2027 | 315 000‑340 000 | 135 000‑150 000 | 9 000‑11 000 |
| 2028 | 290 000‑315 000 | 130 000‑145 000 | 9 000‑11 000 |
The guidance for copper and gold for 2026 is slightly lower than in the previous forecast, reflecting a reduction in underground mining rates at the Candelaria site.
Market Reaction
Shares of Lundin Mining fell the most in more than a year on the day the guidance was released. The decline was attributed to the lowered copper and gold output targets for 2026, despite the company’s strong 2025 performance. At 16:54 GMT on 22 January, the stock was trading at CAD 36.67, within a narrow range of its 52‑week high of CAD 37.10 and well above its 52‑week low of CAD 8.94.
Context and Company Profile
Lundin Mining Corp. is a diversified Canadian base‑metals miner with operations in Brazil, Chile, Portugal, Sweden, and the United States. The company’s primary products are copper, zinc, gold, and nickel. Its market capitalization stands at approximately CAD 30.4 billion, and its price‑earnings ratio is 101.34.
The latest production results and guidance update demonstrate that Lundin Mining is maintaining production levels that align with its long‑term strategy, while adjusting expectations in response to operational constraints at key sites. Investors will likely monitor the company’s ability to sustain the projected output through 2028 and the impact of commodity price movements on its financial performance.
